ISLAMABAD    -   Pakistan has offered Saudi Arabia to invest in power sector in order to get high returns on their investment. Current mix of alternate energy is 4percent of the total and the government is looking at 20 to 30 percent of the energy target from renewable sources in the coming years. Therefore, Pakistan has urged Saudi’s companies to invest in power sector in order to get high returns on their investment.

A delegation of Kingdom of Saudi Arabia (KSA), led by Deputy Minister of Energy Khalid Saleh Al-Modaifer, met Advisor to PM on Commerce Mr. Abdul Razak Dawood to discuss investment prospects in Energy, Power and Mining & Mineral sectors. Dawood said that Pakistan is not a cheap energy country and the Government is focusing on development of alternate energy to bring the costs down. The meeting was also attended by Chairman Board of Investment (BOI), Mr. Zubair Gillani, and other representatives from Government sector. Saudi side was represented by Ambassador of Saudi Arabia to Pakistan, H.E. Nawaf bin Said Al-Malki, and other experts from Energy, Power and Mining sectors.

Advisor to the Prime Minister welcomed the delegation and assured them complete facilitation from Board of Investment on different matters pertaining to Saudi FDI plans for Pakistan. Underlining the importance of Energy for Pakistan, Adviser to the PM apprised the delegation of the approval of Alternate Energy Policy by the government which provides immense investment opportunities to KSA companies in Power sector. Further he apprised the delegation that SEZs would provide incentives to investors by allowing duty free import of machinery besides tax holidays for ten years and urged the KSA companies to make investment in these zones to get better returns on their investments.